CLSA’s Russell Napier merely chuckles at Ben Bernanke’s meager efforts with Operation Twist…and also severely doubts the ability of The Fed to launch QE3.
He sees some European banks being nationalized by Christmas, because it’s “The European Way”.
Napier disagrees with the argument that valuations are cheap in The West, calling it “an illusion”, because he doesn’t think earnings are going to hold up in the US and Europe. His view on Asian equities is more sanguine, as he believes their earnings pullback will be more cyclical than terminal.
Hat tip JL for sending this along!
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